Author Archives: enterpriseam admin

President Abdel Fattah El Sisi signed into law controversial amendments to theJudicial Authorities Act that grant him the power to appoint the heads of four major judicial bodies: The State Council (Maglis El Dowla), the Court of Cassation (the nation’s highest appeals court), the State Lawsuits Authority, and the Administrative Prosecution Authority. The law was […]

When is the Investment Act actually going to be ready? Short answer: Nobody knows.Certainly not the good people at the House of Representatives’ Economic Committee, which has been dithering for months on the key bill. Committee members have been giving mixed messages on when they will be done with the law: Amr El Gohary told […]

One key piece of economic legislation that MPs were fit to pass on Thursday was the Industrial Permits Act, which aims to reduce the time it takes to license a new factory. The act, whose key points are reviewed in Al Borsa, mandates that the Industrial Development Authority respond to a request for a license […]

Business is suffering amid spat between Egypt and Sudan: Tension between Egypt and Sudan, deepened by a recent media spat, has led to mounting trade restrictions that are now throwing businesses into disarray, commodity traders told Reuters. Hany Hussein, executive director of Egypt's Agricultural Export Council, says Sudan’s blanket ban on all agricultural goods last […]

Renaissance Capital is opening an office in Cairo this year, RenCap’s MENA CEO Ahmed Badr said. Pending the receipt of regulatory approvals, the emerging markets specialist expects to open the office in the next few months, Badr said, according to Reuters. Renaissance Capital is currently the second-largest foreign broker in Egypt.

M&A WATCH- Pioneers Holding is serving as financial advisor for global commodities company Louis Dreyfus’ local affiliate, Al Mona Misr, in its bid to acquire Misr Capital Investment’s 42.96% stake in National Company for Maize Products, Al Mal reports. Also bidding are a Swiss unit of Archer Daniels Midland (which is being advised by EFG […]

MOVES- Food industry veteran Tarek Tawfik has won the presidency of the American Chamber of Commerce in Egypt, Al Shorouk reports. Tawfik, who is also deputy chairman of the Federation of Egyptian Industries, succeeds outgoing AmCham president Anis Aclimandos on 21 May, the newspaper reports.

EARNINGS WATCH- Orascom Construction reported what it called a “sustainable return to profitability” as it announced USD 48.7 mn in consolidated net profit attributable to shareholders in 2016, compared to a loss of USD 347.8 mn in the previous year, as revenues rose to USD 4.03 bn in 2016, up from USD 3.9 bn in […]

The African Export-Import Bank (Afreximbank) signed an agreement to provide aUSD 300 mn financing facility to the National Bank of Egypt (NBE) to support SMEs on Thursday, the bank said in a statement. The loan will be used as part of the SME initiative launched in 2016 to provide bns in funding for SMEs, said […]